FinCEN
clarifies CTR obligations in new ruling
The Financial Crimes Enforcement
Network (FinCEN) Tuesday issued an administrative ruling related to currency transaction
reports (CTRs). The rule, which replaces and rescinds two former rulings, clarifies
the requirements of financial institutions when reporting transactions involving
sole proprietorships and legal entities operating under a "doing business as" (DBA) name.
New
GSE affordable housing rules expected, says Calabria
Federal Housing
Finance Agency (FHFA) Director Dr. Mark Calabria indicated in a recent interview
that the agency will propose new rules under the affordable housing requirements,
which would replace the existing affordable housing goals and duty to serve plans.
NAFCU has supported the government sponsored enterprises' (GSEs) duty to
serve while raising questions about certain elements including the chattel loans
pilot programs and will review the rulemaking closely.
House
panel questions Powell on economy, coronavirus, CRA
Federal Reserve
Chairman Jerome Powell provided the House Financial Services Committee with economic
insights during a hearing Tuesday, indicating that he does not expect a recession
soon. Powell is on Capitol Hill this week providing the central bank's semiannual
monetary policy report; he testifies before the Senate Banking Committee today at 9:30 a.m. Eastern.
Compliance
Blog tackles FCU Bylaw updates; NCCO webinar tomorrow
In a post this
week on the NAFCU Compliance Blog, NAFCU Regulatory Compliance Specialist Alma
Calcano summarizes provisions related to qualifying a trust for membership in
a federal credit union. The applicable provisions now located in the Federal Credit
Union (FCU) Bylaws are not new. NCUA recently updated the model FCU Bylaws to
incorporate numerous existing legal opinion letters and to clarify several provisions
regarding trusts and field of membership.
